About shared ownership

Shared ownership opens the door to homeownership, helping you get on the property ladder.

Here's a short video to explain how it works:

Download our PDF guide to shared ownership

How it works

Shared ownership allows you to buy a share of your home, paying a monthly payment (or 'rent') on the remaining share that we own. You start by buying between 25% - 75%, which means you will need a smaller deposit and mortgage. You can buy more shares of your home in the future, working towards owning your property outright.

Don't worry, shared ownership doesn't mean that you have to share your home with someone else, but you can of course apply with your partner!

For example...

Say you buy a 25% share of a flat worth £300,000 - that’s £75,000. You would need:

  • a deposit of 5% of £75,000 – that’s £3,750
  • a mortgage on the difference between £75,000 and £3,750 – that’s £71,250

You will also pay:

  • a monthly payment on the remaining 75% share of the property - approx £516
  • a monthly service charge for the upkeep of communal areas - approx £120
  • the usual costs of running a home such as council tax, water, electricity, gas, insurance, etc.

More about shared ownership costs


Eligibility

In order to help people who are priced out of the property market, a number of criteria apply to shared ownership. You can apply to buy a shared ownership property if:

  • You do not own (or part-own) a property at the time of completing on your purchase
  • Your combined annual household income (before tax) is under £80,000 - or £90,000 in London
  • You fulfil our affordability criteria, ensuring that you can afford to live in your shared ownership home
  • Key workers and some other groups have priority
  • For some SO Resi homes you must live or work in the borough already

If you’re unsure about whether you qualify just give us a call on 0208 607 0550 and we can talk through your situation.


How to apply

Before you can buy a shared ownership property, you must first complete an application form. This allows us to confirm your eligibility for shared ownership, as well as registering your details with us.

More about how to apply


Buying more shares

As a shared-owner, you are eligible to buy more shares of your home at any time, working towards owning your property outright. Buying more shares means that you will pay less 'rent' on the share you don't own, as well as the satisfaction of owning more of your home. Our Aftersales team are here to guide you through the process.

More about buying more shares

SO Resi Plus

SO Resi Plus is a special deal we offer on newly built homes at the time of purchase. SO Resi Plus allows you to buy 1% extra of your home each year at a price fixed from day one, with no extra costs to worry about.

More about SO Resi Plus


Selling your home

You can sell your share at any time. When the time comes, our Aftersales team will guide you through the selling process.

More about selling your home

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